Canada's 2023 Budget includes a number of measures designed to stimulate the country's transition to a low carbon economy. Importantly for businesses, this includes confirmation of the Clean Technology Investment Tax Credit (CTITC) for wind, solar photovoltaics (solar PV) and energy-storage that was first introduced in the Fall Economic Statement of 2022.
This CTITC is a refundable tax credit of 30% of the capital cost for solar PV installations, and
is available to "taxable entities" (i.e. businesses).
is available to all project spending starting from budget day (March 28, 2023), though to 2034.
will be maintained for projects going live between 2032 and 2033, and then drop to 15% for 2034.
will be unavailable after 2034.
Although the tax credit is only available to 'entities', individuals who are interested in solar can, of course, continue to take advantage of the Canada Greener Homes Grant. (See more about this on our blog, here).
Even better for businesses that are looking to go solar in Alberta is that the CTITC can be combined with Solar Offset; meaning a business can get a 30% tax credit for the upfront capital cost AND then benefit from 10 years of carbon offset revenue upside!
Whether your business is looking at installing 5kW, 50kW or 500kW, Solar Offset can help. For more information on our program: